IGI Logo

Nifty continued its upward journey for the second day in the row where it gained by 168 points- HDFC Securities

F&O HIGHLIGHTS

LONG BUILD UP IS SEEN IN THE NIFTY AND BANK NIFTY FUTURES

ACCUMULATE LONG POSITIONS WITH TRAILING SL OF 14500 LEVELS

* Nifty continued its upward journey for the second day in the row where it gained by 168 points to close at 14653 levels.

* Long build up is seen in Nifty Futures’ where Open Interest rose by 5% with Nifty rising by 1.2%.

* Long build up is seen in the Bank Nifty Futures too, where we have seen 5% rise in the Open Interest with Bank Nifty rising by 1.4%.

* Nifty Open Interest Put Call Ratio rose to 1.51 levels from 1.38 levels. Amongst the Nifty options (29-April Expiry), Put writing is seen at 14500-14600 levels, Indicating 14500 level will act as a strong support. On the higher side, resistance is seen in the vicinity of 14800-14900 levels where we have seen Call writing.

* Long build up is seen by FIIS’ in the Stock Futures segment where they net bought worth Rs 953 Cr with their Open Interest going up by 23175 contracts.

To Sum It Up, long build up in both Nifty and Bank Nifty Futures, rise in the Nifty Open Interest Put Call ratio on the back of Put writing at 14500-14600 levels and long build up by FIIs’ in the stock Futures segment Indicates that one should continue to remain optimistic for the markets. Therefore, our advise is to accumulate long positions with the trailing stop loss of 14500 levels. On the higher side 14800-14900 level will act as an immediate resistance where Calls have been written

In the Bank Nifty, our advice is to accumulate long positions with the stop loss of 32300 levels. On the higher side, an immediate resistance is seen in the vicinity of 33000-33300 levels.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer